For OYO, the decision to expand comes soon after it said it had committed Rs 1,400 crore towards its core Indian market, having raised an estimated $1-1.2 billion in equity financing thus far in its Series E round of funding.

A company spokesperson confirmed the layoffs stating that redundancies were a result of the Bengaluru-headquartered Treebo doubling down on its technology products and processes, as the company looks to rationalise costs.

The series-C round of equity financing is the first by the Bengaluru-headquartered Treebo, since it announced a Rs 112-crore round of funding, which was led by Bertelsmann India Investments in July last year.